Market Analysis

The SharePlanner Reversal Indicator is facing extreme readings here.  This is coupled with the T2108 which I will post later this afternoon.  At this point, it is about how high can this market run under these kinds of pressures. The key here is to recognize that the overbought nature does exist, and lets face it,

The market is overextended – there is no arguing that.  Yesterday was insane. No arguing that either.  But the market can go higher than you’d ever expect, just as it can do the same to the downside. Nonetheless, it is important to observe the extreme readings that the market is exhibiting because it does increase

Bears trying to wrestle control away from the bulls based on today’s price action. Key price levels were violated moving averages were lost and the bears have the opportunity to really conjure up some problems here for the markets going forward. Another hard sell-off tomorrow and you have renewed discussions of another test of

Alright, so right now SPX is below the 5-day moving average, the 50-day moving average and the important 1947 breakout level.  There is plenty of "head-fake" talk starting to be rolled out here.  But lets turn our attention to the SPX 30 minute chart that tells a few stories of its own.  I've put my

SPX is trying to rally today, though the rally looks fairly meager so far. Nonetheless, it has maintained the 50-day moving average and the 1947 level.  With that said, these are the industries you should be watching this week that have a fair amount of long setups within them. 

Since yesterday morning, you have had the /ES futures rally a nice 67 points. So it wouldn’t be overly surprising if there were some weakness at this point in time, and that may happen once the European markets open. However, for now, they are relatively flat, and for the bulls that is a victory in

This is what you need to be watching in the final hour of trading… it is the Battle at 1947 on SPX!

What a day. Somehow I managed to finish profitable. I hedged my two long positions from last night with a short in SPY. When I woke up this morning, I was rather glad I did. It looked like it was going to be another 20-30 point down day for SPX. And for awhile there,

This is an extremely wild day, and one that I didn’t see unfolding in the way that it did. But let’s be honest, I don’t think anyone saw that aggressive of a gap fill playing out today. But it did.  And that is why, as traders, we have to always be on our toes to

Days like today where SPX is trading lower by more than -1%, the T2108 is usually getting clobbered.  However, that is not the case today. You do have SPX looking absolutely ugly, giving back nearly all of yesterday’s gains into the close.  And along with that the 5-day moving average.  But the T2108 (which